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By: Emily Hughes
Owning and operating a restaurant usually requires plenty of work. Several components have to come together for a dining establishment to be successful. If you think about it, a stocked freezer and kitchen pantry and making sure that there are sufficient tables in the dining area are just the fundamentals of operating this sort of business. Your foremost concern as a restaurateur should be the proper protection of your respective business. Whether you are just about to venture into the food and beverage industry or have already been established, restaurant insurance is one thing you need to have.
What is restaurant insurance?
This is a kind of business insurance catering specifically to those in the food and beverage industry. Regardless of the size of your business, there's always a variety of possible risks. This is true whether you operate a small diner or coffee house, or maybe a Michelin-starred bistro. This coverage serves as coverage against a variety of problems, which can include but aren't limited to busted machines, accidents, as well as liability lawsuits.
One component worth mentioning is that this type of cover isn't your average general business insurance. It consists of many factors that tailor to the needs of a restaurant. A few of the common covers include:
General Liability
This is actually the most common of the many different covers encompassing this type of insurance package. This is a policy that protects you from typical problems occurring within your line of work. This might include situations such as someone slipping and falling due to wet floors, food poisoning issues, as well as other claims that could come from different sources. This insurance policy will come in handy given that customers sue for almost anything nowadays. Plan options vary depending on provider, but remember that this should be one of the more flexible policies.
Property Damage Insurance
This insurance policy provides protection against fires, and other events which could cause damage to your establishment. Although natural disasters such as floods and earthquakes could cause the same type of damage, they are often not included in a standard coverage. Most policies also cover furniture, fixtures, or inventory stored inside your establishment. Depending on your provider, you may insure these things for a replacement cost or actual cash value.
Business Income Interruption
Another potential risk of operating a restaurant is shutting your doors due to unforeseeable events. This is the reason behind this policy - to protect your income stream in case there is a loss of profits or severe damage to your establishment. Fires, water damages, and other hazards are a reality; and this policy covers your lost revenue in the period your restaurant goes through repairs and renovation. This is a type of overall protection during your time of need.
Do an exhaustive assessment of your enterprise before obtaining restaurant insurance. Doing so will allow you to determine which policies you'll need. Apart from the three typical policies, others you may be interested in include liquor, automobile, and employment practices liability, worker's compensation, and food contamination insurance. Consider what your business requires of you in the future to help make the proper decisions. It would also help to check out the options provided by the various providers. See which premiums work and don't work in order to determine the best options for your company.
Author Resource:->??The author is a tenured insurance broker knowledgeable about condo insurance quotes and has helped numerous clients buy business insurance.
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